US-listed spot bitcoin ETFs saw another $397 million leave on Wednesday, extending what is now a 13-day outflow streak that has drained $4.4 billion from the funds since it began. Bitcoin itself has fallen roughly 21% since May 15, and the selling shows no sign of letting up.
Thirteen days and counting
Wednesday's outflow was slightly below the daily average of about $338 million over the streak, but it still pushed the total past a round number that investors are watching closely. The last day of net inflows was May 21. Since then, every single trading day has ended red for the ETFs. No single day saw a positive flow in that period.
Bitcoin feels the pressure
The timing isn't great for bitcoin believers. The asset has dropped about a fifth of its value since mid-May, and the ETF outflows are both a symptom and a driver of that slide. When funds see persistent redemptions, the authorized participants sell bitcoin to raise cash, adding to market supply. It's a feedback loop that tends to accelerate when sentiment turns sour.
What the numbers show
The 13-day withdrawal streak is worth noting for its duration. It's not unusual for ETFs to see a few days of outflows after a rally. But 13 straight days suggests something broader — maybe a shift in institutional appetite, maybe broader market jitters. The $4.4 billion figure is roughly 10% of total assets under management for the spot bitcoin ETF category as of early May, meaning a meaningful chunk of early adopters have taken money off the table.
No one knows when the selling will stop. Thursday's flow data will be the next concrete signal. If the streak hits 14 days, it'll be the longest since the funds launched in January 2024 — and that milestone alone could spook already nervous holders.
